Multi-family…Garage
sale!
Driving
around Sullivan County, New York, last weekend on a wonderful fall foliage
excursion, a hand-crafted sign on the side of a road read:
Multi-Family
Garage Sale
I’ve
seen this same type of sign many times in my life but this time my traveling
companion saw it a little differently, considering the real estate investment
definition...“Oh, a garage sale at an apartment complex.” Following the path of signs, it became clear
that the sale was coordinated by a bunch of families that live on the same
block – hence the phrase multi-family. A
perfect example of thinking that you’re communicating clearly, without
considering the possibility of the audience misinterpreting it. It was amusing and thought provoking.
If
you’ve never stopped at a garage sale to look for the hidden gem, it’s truly an
experience. A woman ‘proprietor’ at one
of the sales told us about her reaction to certain customers. I could relate to her, having had garage sales
when I owned homes: your willingness to negotiate with a potential customer
comes not necessarily from what they say to you, but how they say it. “I’ll give you 25 cents!” stated in a rude condescending manner (for something that
you’ve, very reasonably, priced at 50 cents!).
Well, first impressions are everything – whether in a situation like
this or when meeting an institutional investor for the first time. That approach from certain people can just
turn someone off completely, whether it’s pennies or millions of dollars. However, someone who says, “Will you take 25
cents?” opens up the negotiation dialogue…especially if your gut instinct about
that person is a positive one. Actually,
after turning down insultingly ridiculous offers from certain people, I have ended
up giving away the very same item – just because!
We
coach our clients on the importance of making a positive first impression – whether it's face-to-face, in writing, on the phone or on the web. In person, it starts with the handshake and
eye contact. It’s fascinating to hear
the feedback from our workshop participants to our handshake exercise.
It's often something that's taken for granted but, believe it or not, a handshake can
make a difference in how the interaction between two people evolves.
How do people react to your handshake?
Real Capital
Analytics (RCA) Support of Students and Faculty
The
World Wide Web (does anyone even call it that anymore?) is incredible. In the normal course of our coaching work, my
partner and I dig deep on the Internet.
Sometimes it’s simply to see how our clients present themselves on their
company homepage, in their Linkedin profiles, etc. Are they consistent? If not, it may cause the viewer – a potential
investor, new client, hiring manger, HR manager – to be distracted, and this may
raise concern. But our work on the web also allows us to discover wonderful stuff. Last week, I was poking through the Real Capital Analytics (RCA)
website. The page I discovered is called Complimentary
Trends Reports for Students and Faculty (https://www.rcanalytics.com/Public/academic.aspx). I’m sure many university
real estate programs already know of this generous service offered by RCA. But, just in case….here it is. Below is
RCA’s own description:
Real Capital Analytics, winner of the International Real Estate Society (IRES) Corporate Excellence Award, supports and encourages academic research throughout the world
involving commercial real estate (CRE). Our areas of focus involve CRE market
prices, capital flows, transaction activity, transparency issues, and
comparisons by property type or asset class, geographic region and market. We
are proud to support research at a number of universities, resulting in
published articles, awards, or simply a top grade for a class project. Students and professors can
register to receive complimentary issues of our Capital Trends publications
(Global Capital Trends® and US Capital Trends®).
Feel free to forward this column to any student or faculty member
you know so they can take advantage of this generous offer.
Cross-Generational Networking
Having lunch this week with a good friend, we talked
about our mutual enjoyment spending time with people who cross multiple
generations. Hearing stories, getting
different perspectives, and also finding subjects that are shared in
common. He sent me a great quote he discovered (source unknown):
“Become friends with people who aren’t your
age. Hang out with people whose first
language isn’t the same as yours. Get to
know someone who doesn’t come from your social class. This is how you see the world. This is how you grow.”
This is just another great way to expand your network and enrich your life.
Congratulations…
Bruce Goodman recently joined Colliers International
in NYC
Eliza Bailey has joined AVP Advisors
Zeynep Fetvaci now with Hodes /
Weill in London
Steve Taylor is now with HOOP
(Healthcare of Ontario Pension Plan)
On The
Road…
Oct. 21: ULI
Women’s Leadership Initiative Reception (My partner Liz Weiner attending)
Oct. 28: Felix / Weiner Consulting Group - Careers in Real Estate / 'Interview Skills, Drills & Thrills' coaching workshop for graduate students at the Edward St. John Real Estate Program, Johns
Hopkins Carey Business School, Washington, DC
Nov. 6 - 24:
On the Road North American trip – driving and stopping in various cities – to
visit with friends working at pension funds, endowments, foundations and real
estate investment management companies (and who knows who else!).
Also bringing my keyboard and will be on the lookout for ‘jam’ nites along the
way. (Trip in planning stage).
Nov. 14: James A. Graaskamp Center for Real Estate / Wisconsin School of Business Global Real Estate
Markets Conference, New York, NY
Dec. 3 - Dec.
4: NAREIM (National Association of Real Estate Investment Managers)
Capital Raising / Investor Relations meeting, Chicago, IL
Jan. 15 -16,
2015: NAREIM Asset Management and Acquisitions Meeting, San
Francisco, CA
Feb. 17 –
18: NAREIM Research & Investment Management
Meeting, Chicago, IL
Mar. 17 –
18, 2015: NAREIM Executive Officers Spring Meeting, Miami, FL
Disclaimer
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content in this blog is created for informational purposes only. Content, which
includes all text, photos, video and graphics is not intended to malign any
religion, ethnic group, club, organization, company or
individual. Steve Felix makes no representations as to the accuracy
or completeness of any information on this site or other information as a
result of following any featured link to or from this site. The
intention of this blog is to do no harm in regards to injury, defamation or
libel. What is written or shown is not to be taken as fact or absolute. Steve
Felix will hold himself harmless for any errors or omissions in this blog’s
information; including but not limited to external link information,
translation or interpretation of content or incorrect grammar or
punctuation.
